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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Blog | Sharing saves time, income-driven repayment saves money

Sharing Saves Time, Income-Driven Repayment Saves Money

Student loan repayment is complicated.  With the availability of income-driven repayment options like Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE), confusion can set in quickly.  The VIN Foundation Student Debt Center is here to help! The My Student Loans function and guides you through which repayment plans you can use and the Student Loan Repayment Simulator helps you figure out which plan you should use.
With the latest update, VIN Foundation added an important element to the Student Loan Repayment Simulator, a new Save/Share feature.  After taking the time to collect and enter all of your student loan information into the simulator, you don’t want to lose all of your hard work or have to enter it all again from scratch.  Now you can share the simulations you’ve run or save them to load again in the future.
VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Blog | Sharing saves time, income-driven repayment saves money
VIN Foundation Student Loan Repayment Simulator, Save/Share Feature
After you run a simulation, in the Loan Repayment Summary section or located along the right-hand part of the screen, you’ll see a “Save/Share” button.  Clicking that button will copy an encrypted hyperlink you can share with your family, friends, financial professionals, etc for discussing a repayment plan or asking questions about your simulation results.  Here’s a link to the simulation used to generate the image in this post.
With all of the different repayment options available, it’s worth taking the time now to run simulations and match your student loan repayment plan incorporating your family situation and financial goals.
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VIN Foundation | Supporting veterinarians to cultivate a healthy animal community | Our Team | Student Debt Consultant | Tony Bartels, DVM, MBA
Tony Bartels, DVM, MBA

Dr. Tony Bartels graduated in 2012 from the Colorado State University combined MBA/DVM program and is an employee of the Veterinary Information Network (VIN) and a VIN Foundation Board member. He and his wife have more than $400,000 in veterinary-school debt that they manage using federal income-driven repayment plans. By necessity (and now obsession), his professional activities include researching and speaking on veterinary-student debt, providing guidance to colleagues on loan-repayment strategies and contributing to VIN Foundation initiatives.

2 thoughts on “Sharing Saves Time, Income-Driven Repayment Saves Money”

  1. I’m still trying to figure out what I need to do before the end of the year. I have $84k in IBR (FFEL Consolidated), should I apply for consolidation?

    1. Tony Bartels, DVM, MBA

      Hi Megan,
      Thanks for your comment! If you have only FFELs remaining in IBR, then you should consolidate into a Direct Consolidation Loan before the one-time forgiveness count period expires. Good news — the end of the year (2023) deadline has just been extended to April 30, 2024. As long as you consolidate before then, you can receive the maximum benefit under the one-time forgiveness account adjustment. I wouldn’t wait until the last minute. If you know you can benefit by consolidating, get that application submitted as soon as you can: https://studentaid.gov/loan-consolidation

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